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Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
 The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) finally came to a halt, after 35 straight losing sessions, the longest in 15 years. It managed to pull up to to 1.720 points, with daily rates for capesizes, now at $12,495, now from almost three times this figure, back in late May, when the sector’s doom began. Earlier in the week, a report from shipbroker Fearnley’s has called the state of the capesize market the most dramatic in modern times. It also warned that China would remain quiet for some time. The panamax market managed to fare better during this downfall, having four straight rising sessions during the week. Panamax rates now command $16,839 on a daily basisi, while the even smaller in capacity Supramaxes can receive even higher fees of $17,448, an abnormality that should even out soon enough, as has been the case in similar scenarios in the recent past.
Most analysts seemed to agree that the market’s demise is now over, stating that the bottom of the barrel has been found. As always, the so called China “factor” showed its teeth, with Asia’s leading economy proving to be the most critical factor for the dry bulk market. Raising the question of whether the new foreign trade record recently set from China will support shipping demand, BIMCO’s shipping analyst, Peter Sand said that “China may not post a new export record in July, but the foreign trade data looks strong from a shipping point of view. Right now container ships are departing from China fully loaded with cargo left on the quay, due to lack of containers.”
Chinese import and export figures published Monday by Chinese customs show that gross foreign trade value attained USD 254.8 billion in June 2010, which is a new record monthly high. June also marked a new export record of USD 137.4 billion, emphasizing China’s position as the world’s largest exporter. But the strong export in recent months may be inflated by the forthcoming reduction in export tax rebates that may erode the competitiveness of some Chinese goods in a combination with a stronger Chinese currency.
Iron ore imports stayed relatively strong in June with 47.2 million tonnes being landed in China down 9.1% from May. But during first half of 2010 imports are still 4.1% higher y-o-y according to Chinese customs. Given the metal product export industry is reporting an expansion of new export orders a complete evaporation of Chinese demand is not likely to take place. Despite that some have linked the continued drop of the Baltic Dry Index with an ongoing slowdown in China. “That is definitely a part of the explanation but over-supply of tonnage remains to be the focal reason for falling freight rates. According to the latest BIMCO supply growth forecast the dry bulk fleet could grow as much at 15% in 2010, with Capesize seeing the largest growth”, added Peter Sand.
In the US: state of the market composite indicators ISM Service and ISM Industry revealed identical tendencies towards continued growth at a slower pace than previous month. It is worthwhile to notice that the sub-index for new service orders declined for the fourth month in a row, to 54.4 down from 57.1 in May. This reading is the lowest this year. Meanwhile in Europe, the European Central Bank decided to leave the interest rate unchanged at 1% as the bank expects the euro-zone to grow moderately and at uneven in an environment still characterized by great uncertainty.
Meanwhile during the week China revealed that its GDP grew by 10.3% y-o-y in second quarter 2010 down from 11.9% in Q1. Chinese industrial production also took a breather, as growth for the second quarter came in at 13.7% y-o-y. The slowdown was expected, as indicated by the monthly manufacturing PMI data previously released. Inflation also declined to 2.9% y-o-y in Q2.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- White Energy Company Limited
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
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